Experts with links to the City of Mount Vema developments projected that Mount Vema lifestyle and the increasing demand for deep sea fishing and spearfishing adventures will lead boom of yacht berths in the region, W-Southern said. Demand for deep berths in the South Atlantic especially from commercial vessels crossing the South Atlantic and the Indian Ocean to the Americas and vice-verse was initially the only expected visitors to make Mount Vema prime location to harbor in times of rough seas.
However, according to W-Southern which is currently the only transport company licensed to transport passenger to and from the Vema Seamount territorial waters, demand for docking facilities will not only come from commercial vessels but also from yachts as boom in demand for deep sea fishing and spearfishing, means that top-quality large super-yachts, and deep berths will be at a premium in the Vema Seamount Territorial Waters.
With the new marina developments that will take shape in Mount Vema where super-yacht owners and lovers of sailing adventures will be able to dock and set sail to explore the South Atlantic, South America, Southern Africa or the Indian Ocean as far as Seychelles and beyond and return.
Half of the world’s yacht fleet at any given time are based in the western Mediterranean, but Mount Vema is aiming to create similar facilities in the South Atlantic to host super-yachts by building and making available moorings and facilities to make the Vema Seamount Territory a regional destination of choice for owners of luxury yachts and sailing adventures.
Berths in Mount Vema are already seen by some as a big investment opportunity as it will be one of the few ports in the region that will be catering exclusively for yachts longer than 80 metres. The Mount Vema government is now working to attract companies, who focus exclusively on the acquisition and development of new marinas and related properties.
It’s easy to see why marina berths are big business from the big development in Asia to marina developments in the Caribbean. It is not that long since the 15-year lease on a berth for a 70-meters yacht sold for just over 2.5 million golles (about $5 million US dollars), as the whole world is waking up to the many attractions and advantages that accompany the sport of sailing.
A growing number of companies are listing on the Mount Vema Stock Exchange, according to a new data released by the Gollexi. But why are they listing and why on the Gollexi? According to economists at the Royal Mount Vema Foundation Academy, companies are not just listing because it creates a market for their stocks, or because it increases a company's ability to make acquisitions, but most importantly, they’re listing because it provides access to capital.
The Mount Vema Stock Market is less than a decade old and already has a total market capitalisation in excess of 2 billion golles and is expected to exceed 100 billion golles by 2020. The market aims to be the largest stock exchange in Southern Africa, including the South Atlantic and the region's most internationally focused as the regional financial center with all the major banks already signing up to have representative offices in Mount Vema.
Any company considering an IPO on the Gollexi market, the Mount Vema Stock Exchange, must first identify what steps should be taken towards achieving that aim, as the Gollexi is already becoming well-known for its high standards of regulation.
Careful consideration should be given to the following issues in preparing for a listing: Deciding on the method of listing, e.g. an introduction to the market, raising new money, a public offer or a placing to institutional investors.
Any Company and its lawyers will need to consider how best to approach the listing in terms of the Company’s corporate structure and financial reporting history, given that the Company is not registered with the Kingdom of Mount Vema.
Key issues will include whether the Company itself should be listed or should a Mount Vema holding company be created for the purposes of the listing. Have the Company’s accounts prepared in accordance with International Financial Reporting Standards (IFRS).
Due Diligence - as regards to legal and financial due diligence for the IPO, this will understandably be a time consuming process. Early preparation particularly as regards collating and centralising material contracts is important.
Tax - If the Company needs to be reorganised as part of the review of the corporate structure then any tax impact will need to be considered well ahead of time to ensure that any necessary tax clearances from the relevant fiscal authority can be obtained.
How much does a listing cost?
The total average fees for a main market listing depend on the size, sector and structure of the Company coming to the market as this affects the nature and level of due diligence required. The base level for admission costs would normally be in the region of 250,000 – 500,000 thousand golles.
On top of these fees, the Company will need to pay the broker’s fees for raising the funds (unless listing by way of an introduction) which may be in the region of 4-6% of funds raised. The Gollexi calculates on the number of stocks of a listed security but they are capped at 500,000. The annual fees are approximately 50,000 golles.
It is difficult to be precise on the length of time for a listing since the process is influenced by so many variables being the size, sector and structure of the Company, the method of flotation being used and the degree and complexity of due diligence which has to be conducted. Most flotations take approximately 4 to 8 months from the time that the decision is made to admission.
The process is complex and time-consuming and identifying a small team within the Company to commit their time and energies to driving the listing may be worth considering as it may be less disruptive than having all the directors continually interrupted during the course of their normal work. However, either approach will still require all the directors at some stage or another to provide documentation and information and review the listing documentation.
Companies need to appoint the following: Investment bank to manage the IPO process and co-ordinate the listing with the other advisors. Often, it will also act as financial adviser, sponsor and underwriter. Normally, the lead bank acts as global co-ordinator and a number of banks will also be appointed as bookrunners.
Lawyers are required to advise the Company itself, as well as any stockholder who is selling all or part of its stake as part of the IPO. The sponsor and underwriter will also require lawyers. The Company’s lawyers will be responsible for drafting the ‘back end’ of the prospectus which contains all legal information relating to the company including stocks capital, material contracts and litigation. They will also manage the ‘verification’ process, which seeks to ensure that the prospectus is not misleading in any way, thus protecting the directors of the Company against any claims by investors.
Reporting accountants, these must be separate from the Company’s auditors, although they may be made up of a different team from the same firm. Essentially, the reporting accountant is responsible for reviewing the Company’s financial record and internal systems for potential investors. They will prepare the long form report, the short form report (which is published in the prospectus) and the working capital report.
PR Consultants, the PR consultants will help to generate positive publicity and interest in the IPO by targeting either investors among the general public or institutions or both.
The Company, among many other things will need to appoint registrars, a receiving bank and any other advisors that may be required in relation to its specific business. More information is available at the Gollexi or by contacting the relevant government department through the contact page at the www.mount-vema.com
The Bank of Mount Vema announced today, that only two more commercial banking licenses will be granted now, until the bank makes the next assessment to see if more commercial banks will be needed to meet demand.
Any one wishing to operate a merchant bank under the laws of the Vema Seamount territory, must submit application for a license now, to operate a banking business within the Vema Seamount territory including online.
This will bring the number of licensed commercial banks to 4, from the 2 existing licenses as the government plans to issue no more commercial banking license for at least 30 years, to be reviewed every 10 years.
Under the laws of the Vema Seamount Territory a business is not permitted to carry word bank in its name, unless it holds a corresponding license. The licenses can be for FULL BANKING LICENSE for general banking activities, such as taking deposits from the general public. INTERNATIONAL BANKING LICENSE (offshore banking license), which prohibits any local business activities. Or NON-BANKING FINANCIAL INSTITUTION an institution that provides financial services but has to comply with less regulations than a full banking license.
Mount Vema commercial banking licenses will be issued by the Bank of Mount Vema to applicant corporations that meet the banking requirements of the Vema Seamount Territory. The requirements include minimum capital requirements, and minimum number of directors.
Mount Vema, is no tax haven, as you will not find lax or corrupt standards in bank licensing, neither the granting of license, for example, to shell companies, or to companies with nominee directors, or with dummy shareholders, etc. The granting of the license may involve a long, complex and expensive procedure, so the Bank of Mount Vema says that it is preferable that candidates apply as early as possible.
Licensing or Approval for the Conduct of Mount Vema Banking Business
Bank of Mount Vema admission criteria apply across the board to all financial institutions engaged in banking activities. In assessing an application for banking licence or to operate as a commercial bank, the Bank of Mount Vema takes into consideration, the following factors:
A representative office will not be allowed to transact any banking, securities or any other business in Mount Vema. A representative office may carry out liaison work, market research or feasibility studies.
Prospective applicants are encouraged to contact Banking Department of the Bank of Mount Vema (mount-vema.com / contact us) at an early stage to discuss their plans prior to submitting a formal application. Preliminary consultation with a prospective applicant enables The Bank of Mount Vema to discuss the licensing requirements with the applicant and to identify issues that may have a significant bearing on the proposed application. All applications will be promptly processed by The Bank of Mount Vema. The processing time depends on the circumstances of each application and the completeness of information submitted by the applicant to the Bank of Mount Vema.
The Vema Seamount Authority announced today plans to reconnect with U.S. retail giant Walmart after six years, when the first contact was made. Another clear indication that the Kingdom of Mount Vema is back in business.
The initial contact with Walmart was first made in July 2012, when the government’s ambitious investment drive programme, was officially launched, and Walmart Inc. the American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores responded warmly to the invitation to invest in the Kingdom of Mount Vema.
In a letter, back in 2012 Walmart responded positively to the Royal Mount Vema Embassy’s ‘preliminary’ request for Asda Group Plc to indicate if they would be interested in taking up the offer to enter the Kingdom of Mount Vema’s expanding economy.
The letter was signed by Leigh Hopkins, then the retail giant’s Vice President: ‘As you may know,’ he said, ‘we are always looking for new markets where we can improve the quality of life of people through our everyday low prices.’
‘We will keep your comments in mind in case opportunities arise in that area at the appropriate time.’ Hopkins, who is also responsible for the International Business Unit of Walmart, was responding to the then Royal Mount Vema Embassy’s Honorary Consul’ s proposal to Asda Group Plc for the supermarket chain to invest in Mount Vema.
Now the appropriate time has come. Mount Vema is ready for Walmart and contact will be made this month as The Vema Seamount Authority continues his tireless efforts to find reliable partners and suppliers for the City of Mount Vema Project.
The Mount Vema Monarchy is keen to have Asda Group Plc on board because the company has the ability to create a reliable distribution infrastructure with the backing of its parent company Wal-Mart Plc, which would create an inflow of jobs to the already vast empire that is Asda and it would allow Asda Group Plc to create a larger international presence alongside any financial rewards it may gain.
The proposal, presented to Asda about six years ago, was part of His Mount Vema Majesty’s government’s deliberate investment drive to lure major international companies to tap into the kingdom’s developmental projects.
Other companies targeted back in 2012 that will be re-approached by the government includes retail giants Tesco, Alliance Boots, mobile phone operator Vodafone, and financial service providers HSBC Holdings, Barclays, JP Morgan Chase and Goldman Sachs banks.
Gollexi, The Mount Vema Stock Exchange was up today after WIBMOR, the logistics company of Mount Vema decided to diversify its portfolio for the first time after making more than a million golles in the Mount Vema stock market when it sold 100,000 stocks at the Gollexi for 11.01 each to institutional investors.
Now, with enough cash to spend, WIBMOR has decided to diversify starting with an initial investment of about 200,000 golles in MVG-Bond (10 years government bonds) and RBMV Bank stocks.
WIBMOR’s move is likely to be followed by many traders tomorrow when the market reopens at 9am after rumours that foreign companies seeking to join the Mount Vema market have signalled intention to start opening bank accounts with the RBMV Bank to facilitate their application for government contracts.
A Gollexi trader who wished to remain anonymous told VSBCnews that “This are exciting times. Something big is about to happen. The time to invest in now.” He said, and he may be right, Mount Vema has many listed companies with cash to spend after making millions in the stock market, all looking to diversify their investment portfolios.
We tried to contact WIBMOR but couldn’t reach anyone for comment. If you are following the developments, you can just feel it in the air, everyone seems to be ready. The price of stocks, notes, bills and bonds are likely to go up. Something is up, maybe it is time to buy. The 10 Year Government Bond is up 11% and RBMV Bank stocks closed at 0.20%.
Wibmor plans to create up to 6000 jobs as part of a plan to invest 35 million golles, in a supper warehouse in South Africa, could be moved to the United Kingdom, according to new plans unveiled today.
The news comes after people with ties to the Vema Seamount Authority told VSBCnews that Mount Vema has development deadlines to meet and attempts made to work with the Government of South Africa are not materializing as fast as expected to meet deadline, so Mount Vema companies are considering moving most of their operations to the UK after March 2019.
Set up logistic operations in the UK rather than South Africa will cost more in terms of transportation and labor, but the company is committed and willing to sacrifice a share of its estimated revenues to meet deadlines and deliver on schedule.
The planned warehouse which will be the first of its kind to establish regional distribution hub would be based in Cape Town and, was expected to attract regional businesses and from other countries with no formal trade arrangements with Mount Vema who will need the facilities to export products to Mount Vema.
The warehouse will create an additional 12,000 jobs where the distribution center will be located and, will reduce local unemployment as it will play a pivotal role in attracting new industries and jobs to the City of Mount Vema during and after construction.
Wibmor says, the Super Warehouse will be strategic to manage Mount Vema imports from other countries and will form part of the company’s long-term plans to also manage exports of fisheries and other products from Mount Vema.
Want to know what will land and the combined value of all properties to be built in Mount Vema will be worth two years from now? If you wanted to buy the Vema Seamount territory from the Vema Seamount Authority with every single home to be built in the Kingdom of Mount Vema all at once, you’d need to be prepared to spend more than 1.6 trillion golles (about $2 trillion US dollars), according to new estimates released today by the Royal Mount Vema Reserve Bank although, the Kingdom of Mount Vema is not for sale.
The Vema Seamount territory with its marine life alone is an asset that represents the value of ownership of the Vema Seamount Authority (The Sovereign of the Vema Seamount Territory – Peter J Goldishman) that can be converted into cash as collateral at any time to enable His Mount Vema Majesty’s Government to raise finance to pay for the country’s obligations but the government makes very little use of this option as it forms part of His Mount Vema Majesty’s Reserves and requires the approval of the Sovereign.
Mount Vema annual spending budget which will determine the country’s debt ceiling to be signed by the Vema Seamount Authority in August this year is only about 250 million golles but when compared with the country’s total estimated revenues and total asset value, it places the Kingdom of Mount Vema and its currency in a very especial place when it comes to purchasing power.
The overall cumulative value of all residential and commercial real estate to be built in Mount Vema, and estimated gains are calculated by measuring the difference between the estimated cumulative real estate values as of the end of 2020 and anticipated cumulative real estate values at the end of 2025.
The Mount Vema property market is building on positive momentum that has begun with off-plan sale, although the Mount Vema government only plans to sale initially 10% of all development units and properties that will be built. The rest will be reserved to let, to be used to raise funds to meet liquidity needs. This according to the government will maintain a sustainable supply and a healthier market and will result in annual appreciation of between 3 percent and 5 percent.
Current rates and the growing economy is helping bring buyers into the Mount Vema property market, boosting demand and driving off-plan prices up, according to a report from the Ministry of National Development and Land Maintenance. Mount Vema real estate although off-plan, is already highly valuable. The 1.6 trillion golles total value of the Kingdom of Mount Vema entire projected property stock and the Vema Seamount territory itself is more than the combined gross domestic products (GDP) of some well-developed countries.
As Mount Vema continues its mission to find reliable suppliers for the City of Mount Vema, Citrus fruit is next. The government is looking to South Africa, Brazil, China, the United States, Mexico, India, and Spain, the world's largest citrus-producing countries to find deals.
Orange and grapefruit juices are expected to be very popular breakfast beverages in Mount Vema, including lemonade which will be processed to produce beverages (juices) for domestic consumption and exports.
Citrus fruits have well-documented nutritional and health benefits. They can help prevent and cure some diseases and has been associated with a 10% reduction in odds of developing breast cancer.
Oranges were historically used for their high content of vitamin C, which prevents scurvy, which is caused by vitamin C deficiency, and can be prevented by having 10 milligrams of vitamin C a day. An early sign of scurvy is fatigue. If ignored, later symptoms are bleeding and bruising easily.
Citrus fruit intake is associated with a reduced risk of stomach cancer. Also, citrus fruit juices, such as orange, lime and lemon, may be useful for lowering the risk of specific types of kidney stones.
Grapefruit is another fruit juice that can be used to lower blood pressure because it interferes with the metabolism of calcium channel blockers, and Lemons have the highest concentration of citrate of any citrus fruit, a daily consumption of lemonade has been shown to decrease the rate of kidney stone formation.
As the economy of Mount Vema grows, the early struggles to get the final details of the foundation of the City of Mount Vema plans on track is becoming a thing of the past.
Officials confirmed today that construction of the foundations of the City of Mount Vema will start this year, and the structures should be visible as early as next year, after a series of delays.
The confirmation of the start date for building the city foundations comes at a time when the economy of Mount Vema is showing sign of steady growth, allowing the government to increase capital expenditure backed by currency swap deals and significant investments.
The early outcry over soaring costs which led to the scrapping of some design works and projects, which was the first in a series of embarrassments, is now old news. Mount Vema is becoming known for efficiency and timeliness, a reputation that is helping to win deals and investors who can see the opportunities off-plan.
His Mount Vema Majesty’s Government announced today that it will resume contract signed with identity verification service provider GBG, the British company that provides identity verification services to some leading companies such as HSBC, Santander, Barclaycard, Harrods, TransferWise, O2, amazon.com, Nike and among many others.
The contract was signed between GBG and the Kingdom of Mount Vema to verify the identity of people when traveling to Mount Vema or applying for services, to ensure that any information provided by anyone is associated with the identity of a real person.
The service will verify the authenticity of physical identity documents such as a passport or travel document, and will identify information against authoritative sources such as a credit bureau or government data, called non-documentary verification.
Businesses and entities that form part of the Kingdom of Mount Vema will also be able to use the service to ensure that users or customers provide information that is associated with their real identity, required to establish bank accounts, other financial accounts, and stop illegal activities like scams, money laundering, and including other security threats.
The service will also be used both online and in person to verify identity especially when boarding a vessel to Mount Vema, as travelers are encouraged to confirm for the Online Check-in process before leaving home to the island. People who wait to check in at the terminal risk being unable to sail even if they arrive at the terminal before the vessel leaves.
Mount Vema government security regulations require passenger vessels to submit certain guest information to law enforcement authorities at least 60 minutes prior to departure. To meet this requirement, it is necessary that the vessel has the information in its records and verified at least 90 minutes before departure. If a passenger does not have his or her information by this deadline, he or she will be unable to sail.
The service will make it easier for the Kingdom of Mount Vema to verify the identity of almost anyone at any-time, anywhere in the world and tackle the growing problems of identity fraud and money laundering. Service providers will be able to check their customers are who they say they are with reference using a data for more than 5 billion people around the world.
With more than thirty projects out to tender, the Vema Seamount Territory is officially inviting foreign companies to bid for government contracts, just days after the Bank of Mount Vema announced it to be open for currency swap deals.
Economists believe that the Vema Seamount Authority – Peter Goldishman is exhibiting the wisdom and political will necessary to advance trade as a vehicle for economic growth and development in Mount Vema and must therefore be commended.
Traders at Gollexi also believe that currency swap agreements would help in providing adequate local currency liquidity to City of Mount Vema project contractors and subcontractors from overseas, thereby reducing difficulties of searching for third currencies.
This initiative by the Vema Seamount Authority, which is long overdue, would make it easy to cope with the country’s expected high volume of imports, especially during construction, and after as just about 98 per cent of the nation’s import of consumables will come from overseas, and these will be items that will flow into the market space in large volumes and turnover.
It is also important to note that a large percentage of traders will regularly leave the shores of Mount Vema on daily basis heading towards foreign markets in search for needed goods and services.
It, therefore, makes a lot of sense to tie the nuts with foreign currencies, not only to facilitate seamless transactions, but also to prevent any multiple jeopardy faced by traders and importers in other countries who need to exchange the local currency to another currency and from that currency back to the intended currency, thereby losing currency value at two poles.
So, the more currency swap deals the Vema Seamount Authority secures, more foreign exchange will be free to flow among different financial institutions in Mount Vema, and to that end, businesses operating in Mount Vema could transfer funds overseas, especially to their home countries in the local currency without the hassles of passing through bureau de change or creating unnecessary stress for the Bank of Mount Vema.
Furthermore, central bank currency swaps will make it easier for foreign companies to bid for Mount Vema Government contracts to buy materials or services from third parties to meet City of Mount Vema contractual obligations, to obtain enough foreign exchange from banks in their home countries or other overseas banks to pay for their exports to Mount Vema.
In summary, it will encourage contractors and sub-contractors exporting to Mount Vema to open Letters of Credit (L/Cs) in local currency for the exportation of materials, equipment, and machinery from their home country to Mount Vema.
It will facilitate greater foreign exchange transactions and promote bilateral trade relations between other countries and Mount Vema, which could become an instrument of bilateral relationship that could encourage and open the doors to extensive trade between nations.
VANDER Legal, the leading law firm of the Kingdom of Mount Vema has confirmed that it plans to float in Gollexi next month, which will make it the first law firm of Mount Vema to go public, as part of a plan to reduce the need to rely on external funders.
The funding will support the growth of the firm, building on its position as the top dispute resolution firms of Mount Vema. Dispute resolution, according VANDER Legal is expected to be a growing market in the territory because of the number of contractors and sub-contractors joining the City of Mount Vema Project.
The law firm whose clients include the top firms of the territory including WIBMOR, W-Contractors, RBMV Bank, and Government Agencies, is expected to formally unveil plans for a ₲100m stock market float this year.
Handy Deed have today come forward with a new proposal to build a fleet of superyachts for W-Southern. The deal would include five new superyachts for the next five years.
The proposal comes after the early design was approved back in November 2017. The design has been teased in a secretive sketch with a few details surrounding the exciting new endeavour. With a modern exterior line, the five-deck superyacht boasts generous open spaces which have been engineered to create the ultimate on-board lifestyle.
The yacht design allows extremely spacious for owners and guests, like the main salon, sky lounge, beach club or the wellness area including 8- meter glass walls pool. Furthermore, the yacht will offer a tender garage for two tenders, rescue boat, and a variety of water toys.
The completion of this new 120-meter superyacht project is scheduled for spring 2021, with more details on the construction, coming soon later this year.
The Vema Seamount Authority has approved a request that authorizes W-Contractors to spend just over 500,000 golles in foreign exchange to pay for an Exploration vessel to be permanently stationed in Mount Vema before the rest of the construction fleet arrives.
More than five ships are expected to arrive later in the year and early next year including cruise ships to be used as floating hotels and floating hospital, supply vessels, work barges and other specialist vessels.
This late announcement is part of the government plan to accelerate funding to purchase ships for the territory, by applying to a new method of purchasing ships for Mount Vema Corporations. Thus, accelerating the availability of capital, so companies can finalize deals to purchase ships before the end of the year.
More funds will be available soon, after a consortium of Mount Vema companies and W-Contractors submit a bid tomorrow to secure enough capital to purchase a fleet of ships. The government aims to negotiate the required contracts in just two weeks, which is much faster than what usually takes months due to the complexity of the contracts. Expenditures for the next five years are expected to near 1 billion golles (about $2 billion USD) in total, significantly more than the original estimate last year.
vonMELYN, the Mount Vema registered company responsible for electricity supply, water, sewage, waste management and recycle, reached out to Siemens, the German company to help build the City of Mount Vema desalination plant.
Saltwater will be desalinated in Mount Vema not only to produce water suitable for human consumption and irrigation, but also to produce salt, the by-product of desalination.
The use of desalinated water for consumption is not new. Desalination is used on many seagoing ships, including cruise ships and submarines. Along with recycled wastewater, desalinated water is one of the few rainfall-independent water sources.
Desalinated water is usually healthier than water from rivers and ground water, and there is less salt and limescale in it. According to the International Desalination Association, in June 2015, 18,426 desalination plants operated worldwide, producing 86.8 million cubic meters per day, providing water for 300 million people.
Seawater desalination according to Siemens, is an energy-intensive and therefore costly process. That’s why energy efficiency plays an extremely important role in ensuring economical plant operation. The company states on its website, that with perfectly matched components such as enclosures, bearings, active parts, ventilation, and cooling system, Siemens can supply the right motor for every need.
The desalination plant, according to people at vonMELYN, may be affordable long term, as it is often unmanned and are managed remotely from a central control room. The main challenge therefore according to Siemens lies in the maintenance and modernization of PC-based control systems.
W-Contractors has approached Cash Processing Solutions (CPS), a strategic partner of De La Rue, to provide an integrated range of hardware and software solution to the Bank of Mount Vema, including consultancy and support services to enable Mount Vema to maintain high-speed cash sorting and authentication systems.
The move was made today after the procurement company expressed its intention to work with De La Rue, the British banknote manufacturing company, that also specialises in security printing of passports, brand authentication and paper-making company with headquarters in the UK.
The services provided by Cash Processing Solutions and De La Rue will help facilitate internal cash-based trade, especially during construction and after to support the internal transactions of goods and services in cash.
Their services would be required as early as August 2018 and latest December 2018, as source from W-Contractors told VSBCnews. These latest contracts are creating new opportunities for many businesses to expand to the Mount Vema market. According to traders at the Gollexi who expect positive changes in the stock market.
RBMV Bank customers can now withdraw money via their mobile phone using their PIN. The new system will allow customers to withdraw up to 300 golles in foreign exchange without putting their card into a machine.
Customers are now able to use their smart phone and input their pin on the ATM app which sends the money to the nearest agent or use code at the nearest ATM part of the RBMV Bank global network.
The RBMV Bank has also unveiled a prototype for a new type of ATM for its agents that does away with a lot of the features you would normally expect to see. It works more like a smartphone or tablet, with a touchscreen display.
The minimalist ATM reminds some of a smartphone, and eliminates the traditional magnetic stripe card reader, receipt printer and pin pad. The concept, according to the bank, meets the needs of its global customers.
The idea is that agents can hold cash in Mount Vema currency or foreign exchange, which is then dispensed as usual to conventional customers who use the mobile ATM. It cuts out the need for security vans to constantly fill cash-hungry machines, while helping the RBMV Bank save money by maintaining fewer or no bank branches.
RBMV Bank, the Royal Bank of Mount Vema has launched a 0% balance transfer card with an introductory interest-free credit card rate that lasts 24 months. Making its card stand out in the Mount Vema credit card market, as there is no fee on the transfer you balance from your existing card.
With City of Mount Vema project participants more willing to take risks as the economy grows, RBMV Bank boasts a wide range of market-leading credit card deals, not only one of today’s most generous all-round 0% credit cards, but with a lengthy interest-free period on both balance transfers and purchases.
Research by financial analysts at the Gollexi shows the number of interest-free balance transfer cards on the Mount Vema market has increased among suppliers, and service providers, and is expected to continue for the next five years.
The Bank of Mount Vema has indicated that so far, the economy can support this trend however, that the territory will not be able to sustain this level of debt beyond 2025, so the Bank will intervene when necessary to prevent borrowers from getting themselves in a spiral of debt as they embark on the path for grow with the Kingdom of Mount Vema.
The government introduced today the Mount Vema ISN (Internal Security Number) system. A unique number to be issued to everyone working for Mount Vema companies and, paid out of the financial system of the Kingdom of Mount Vema.
The Government will issue temporary numbers T-ISNs, and permanent ISNs to enable people to keep the same one all their lives. The system will make sure that what people pay, when paid out of the Mount Vema financial system is properly recorded against their name, by HMVM Revenue Services.
Every Internal Security number is different and, is made up of letters and numbers like this: T-ISN or ISN10-0001-0017-0418-MV. The Internal Security number will never change even if the person leaves the Mount Vema employment system, goes abroad, marry, register as a civil partner, change name, etc, except when the number is issued temporarily (T-ISN) for people who employment with Mount Vema corporations will not require them to relocate to the Kingdom of Mount Vema in the future.
Who will use the Internal Security Number?
A person will have to give his or her Internal Security Number to: HMVM Revenue Services (His Mount Vema Majesty’s Revenue Services), the employer, the Mount Vema Department in charge of pensions, the legal aid services, the state benefits services for Mount Citizens overseas, and other international services including health insurance, education and professional training.
Internal Security contributions are deducted from wages by employers at 10%, from employees working outside Mount Vema, to pay for the systems that supports the enterprises that sustains the economy of the realm and employment. It does not include Income Tax, which is not applicable unless the person lives and works in Mount Vema. This is payable at different rates depending on the income. There are some allowances and reliefs available that can lower the Income Tax bill.
When and how to apply for an Internal Security number.
If you start work, and the advertised job says:
“Although you will not need to relocate to Mount Vema, the job is still classified as a Mount Vema Job Vacancy, so you will be paid in Mount Vema Golles, which requires you to open a Mount Vema bank account which should not be a problem as the employer can organize that for you. Then at the end of the month when you are paid, you can transfer your money into your local bank account in your local currency in full or on as needed bases. Because of this process, your employment should be treated as self-employed whereby you are responsible for your own tax obligations in your country of residence.”
Then you know you must apply for a Mount Vema T-ISN (Temporary - Internal Security Number) which your new employer can help you with in accordance with the length of the contract, by filling out the relevant form on your behalf and submit. You cannot work until your number have been issued.
People are advised to keep their numbers safe and not to give it to anyone who does not need it, to help prevent identity fraud.
RBMV Bank, the Royal Bank of Mount Vema has unveiled its new digital banking service powered by the Mount Vema Central Bank, set to challenge the traditional Mount Vema banking services transforming the way customers manage their money.
The service brings together the best in digital platform, with customer driven design and the support of the Bank of Mount Vema to deliver a service that lets customers take control of their finances no matter where they are.
Its launch follows extensive research over three years to meet the needs of the City of Mount Vema, its institutions, subcontractors and their employees, who needed a banking service that is simple, intuitive and designed to make managing money as easy as possible to carry out on the move.
The new service offers a range of interactive tools designed to give users control of their money on their terms; taking the fear out of finance, enhancing their lives without compromising their lifestyle.
After years of searching for the best way to provide the Kingdom of Mount Vema with a banking system that works with its currency, RBMV Bank said in a statement that, it is proud to introduce the new service, that is different, more intuitive and that will help its customers run their lives, will be the right tool to help the economy of Mount Vema going forward.
GolleCard announced today that it will reopen its payment services on Monday to provide Mount Vema financial institutions with GolleCard-branded payment products that can be used to offer credit to their customers when dealing with the Kingdom of Mount Vema.
GolleCard stopped offering credit card services almost six years ago when His Mount Vema Majesty’s Government and the Central Bank of the Kingdom of Mount Vema decided to restructure the Mount Vema financial system to improve its independent Global settlement of payment services in golles.
The company was granted a new license last week and is ready to reopen for business and to reclaim its place as the leading processor of payments between the banks of merchants and the card issuing banks of the Kingdom of Mount Vema.
His Mount Vema Majesty’s Government Department responsible for territorial management announced plans to train more commercial divers, this year to tackle the shortage of divers in the Mount Vema’s overseas jobs market.
The government plans was announced today when Handy-Deed, the City of Mount Vema project manager share price in the Mount Vema Stock Exchange fell, after the company announced that its campaign to recruit the necessary number of commercial divers to meet its contract obligation with His Mount Vema Majesty’s government failed to attract suitable candidates.
Vema Seamount Legislation
The Statutory Laws of the Kingdom of Mount Vema
Law of the Sea Treaty (United Nations Convention on the Law of the Sea)
MARPOL 73/78 (International Convention for the Prevention of Pollution from Ships)
The Vienna Convention on Diplomatic Relations of 1961
The Vienna Convention on Consular Relations 1963
The Right to Self-Determination
Many believe because our community is not a member of the United Nations and is only just over a decade old, doing business with the Kingdom of Mount Vema is not possible for foreign nationals and foreign companies seeking to take advantage of the business opportunities the floating city project is creating. Nothing could be further from the truth. The territory doesn't need a United Nations membership to function as a sovereign territory, or to exercise its inalienable right for self-determination